Invinity Energy Systems PLC Update on 2022 Financial Results (9184C)

TIDMIES

RNS Number : 9184C

Invinity Energy Systems PLC

16 June 2023

The information contained within this Announcement is deemed by Invinity Energy Systems plc to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

16 June 2023

Invinity Energy Systems plc

("Invinity" or the "Company")

Update on 2022 Financial Results

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF), a leading global manufacturer of utility-grade energy storage , confirms that its full results for the year ended 31 December 2022 will be published by 30 June 2023.

As part of the audit process, the cost of fulfilling previously signed contracts has been reviewed and the Company is pleased to announce that this is likely to result in a significant reduction in the provision for contract losses which was previously recorded. Therefore, Invinity expects its reported gross margin loss as well as the loss before tax to be materially better than was anticipated.

Further, subject to final auditor approval, the Company expects to report revenue (including grant income against direct costs) of c.GBP3.6m in line with the delivery of c.4.3 MWh of products delivered during the year and disclosed in the Project Delivery Update issued on 30 December 2022.

The significant reduction in the provision for contract losses highlights the reducing cost of delivering the Company's VS3 product and the transition towards achieving positive gross margins as evidenced by all but one of the sales contracts closed since Q4 2022 expecting a positive gross margin. As previously disclosed, this trend is an important step on the path to industry standard gross margins which are expected to be delivered with the launch of the Company's next generation product code-named "Mistral".

The Company can also confirm a cash balance of c.GBP15.4m as at 31 May 2023.

Stay up to date with news from Invinity. Join the distribution list for the Company's monthly investor newsletter here

Enquiries :

 
Invinity Energy Systems plc                              +44 (0)20 4551 0361 
Jonathan Marren, Chief Development Officer and Interim 
 CFO 
 Joe Worthington, Director of Communications 
 
Canaccord Genuity (Nominated Adviser and Joint Broker)   +44 (0) 20 7523 8000 
Henry Fitzgerald-O'Connor / Harry Pardoe / Gordon 
 Hamilton 
 
VSA Capital (Financial Adviser and Joint Broker)         +44 (0)20 3005 5000 
Andrew Monk / Simon Barton 
 
Tavistock (Financial PR Advisor)                         +44 (0)20 7920 3150 
Simon Hudson / Charles Baister                           invinity@tavistock.co.uk

Notes to Editors

Invinity Energy Systems plc (AIM: IES) (AQSE: IES) (OTCQX: IESVF) manufactures vanadium flow batteries for large-scale, high-throughput energy storage requirements of business, industry and electrical networks.

Invinity's factory-built flow batteries run continually with no degradation for over 25 years, making them suitable for the most demanding applications in renewable energy production. Energy storage systems based on Invinity's batteries are safe, reliable, and economical, and range in size from less than 250 kilowatt-hours to tens of megawatt-hours.

Invinity was created in April 2020 through the merger of two flow battery industry leaders: redT energy plc and Avalon Battery Corporation. With over 65 MWh of systems already deployed or contracted for delivery across over 70 sites in 15 countries, Invinity is active in all major global energy storage markets and has operations in the UK, Canada, USA, China and Australia. Invinity Energy Systems plc is listed in the UK on AIM and AQSE and trades in the USA on OTCQX.

To find out more, visit invinity.com , sign up to our monthly Investor Newsletter here or contact Investor Relations on via +44 (0)20 4551 0361 or ir@invinity.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

TSTUVUKROUUNAAR

(END) Dow Jones Newswires

June 16, 2023 02:00 ET (06:00 GMT)

Invinity Energy Systems (AQSE:IES)
過去株価チャート
から 12 2024 まで 1 2025